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Cashmere firm warms to foreign sale
TODD & DUNCAN, the Scottish cashmere business, could be set to fall into foreign hands.
The 140-year-old Clackmannanshire company's owner, Dawson International, has opened talks with China's Ningxia Zhongyin Cashmere Company over the sale.
A "heads of agreement" has been signed, although any sale would still require due diligence and detailed contractual negotiation.
Zhongyin is already a major supplier of cashmere fibre to Todd & Duncan. It has indicated that it remains committed to maintaining its existing Scottish manufacturing base and workforce.
In 2007, Todd & Duncan manufactured 300 tonnes of cashmere yarn and had net operating assets of 17.5 million at the year end.
In August, Kinross-based Dawson saw turnover slip to 40.1m, from 41.6m the year before.
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Thursday 24 May 2012
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